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On May 23, 1960, a devastating tsunami struck the city of Hilo on the island of Hawaii. This tsunami provides a unique natural experiment as the tsunami was unexpected, and the other Hawaiian Islands, which were not hit by the tsunami, provide an ideal control group that enables us to precisely identify what happened to the economy of Hilo. We use a synthetic control methodology (Abadie, Diamond,...
We investigate inflation targeting (IT) in emerging markets, focusing on the role of the real exchange rate and the distinction between commodity and non-commodity exporters. IT emerging markets appear to follow a “mixed strategy” whereby both inflation and real exchange rates are important determinants of policy interest rates. The response to real exchange rates, however, is more constrained than...
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